Life In Bonita Springs

Photo Credit Jeff Turner

Emptying a Foreclosure of It's Contents

Recently, the president of a homeowner association flagged me down as I was driving through his community to find out the status of a neighborhood foreclosure. Since foreclosures are rare in this area the residents are itching to know what is going on with it. The community happens to be a modest, well established, deed restricted community where foreclosures are quite rare so everyone is paying attention.

It had been months since they’d seen a real estate agent come out and let a foreclosure clean out crew in to do their work. The foreclosure clean out crews are the “bagel shops of the ‘90’s” and a byproduct of the foreclosure crisis. When lenders foreclose and have to sell their re-acquired property they hire a company to empty the house of things and clean up the premises.

The residents living near this foreclosure were surprised to learn that when the crews arrive they’re job is to remove all of the “garbage”. Garbage is a loosely used term that means furniture in foreclosure speak.

It may surprise you to know that entire households full of furniture are busted down to kindling, put in a dumpster and hauled to the landfill. So is anything else left behind; photographs, documents, children’s toys.

The scope of the job is to get in and get out as soon as possible, load the dumpster and hit the road for the next job. Though I don’t know what the solution would be to recycling or reselling the items that are left behind I still can’t help but think it’s a terrible waste. It’s a waste that someone lost their home and it’s a waste that the things can’t be recycled or given to someone that could benefit from them.

It just seems like more waste and excess produced by the financial waste and excess. Then again, who would expect a bank to have any sort of organization to liquidating household contents when they can’t even liquidate homes trapped in their crappy mortgages?

Unlike banks, the government thinks furniture is actually worth something. You can always count on the government to find value in nothing, right?

I’ve been keeping tabs on a home owner going through the bankruptcy process. The court trustee will give a person going through bankruptcy the opportunity to purchase their own furniture back after it is appraised or they can haul it to the auction house and have it liquidated.

The appraiser hired by the courts found this mans furniture to be worth a whopping $389. The owner even says it isn’t worth the gas to drive it there but the courts will either make him haul it to auction or buy it back so that every last dime gets wrung out of the bankruptcy and the trustee gets a cut.

That sofa with Cheerios in the cushions and dog whiz on the corner is up for auction at a warehouse near you, because our government believes that it actually is worth something. A nearly new Broyhill dining room set is at the landfill because a bank believes its garbage. I can’t wait to see banks and government get together and iron out the big issues like the credit crisis.

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Real Life in Bonita Springs is a project by Chris Griffith dedicated to writing useful blog posts for consumers about the Bonita Springs, Florida area.  Find out what it is really like to live in Bonita Springs, Florida by reading about our fair city. You’ll get the latest in local real estate information, Bonita Springs real estate market reports and a little bit of humor.  If you have topic ideas, feel free to request a story about the idea, after all, this site is just for you.

You can subscribe to a weekly email newsletter by visiting www.LifeInBonitaSprings.com and entering your email in the subscription area on the left pane of the web page or by adding us to your reader by subscribing to this blog. Oh, and if you’re reading this content anywhere else but www.LifeInBonitaSprings.com or the Naples Daily News it is probably stolen.

Happy St. Patrick's Day

What are you doing for St. Patrick's Day?  Join me this evening at Fitzgerald's Pub on Bonita Beach Road, Bonita Springs, Florida for the festivities.  My band of merry thieves and I will be serving green beer.  By band, I mean my family.  They're all totally ridiculous but not really thieves.  I guess the only truth in this whole post is that there will be green beer.

If you're looking for a map to Fitzgerald's pub click this Map to Fitzgerald's Irish Pub

If you would like to peruse the menu click this Fitzgerald's Irish Pub Menu.

Barefoot Beach | Bonita Beach Sales February '09

The latest market report for Barefoot Beach real estate and Bonita Beach real estate is, uh, well, I would be better off telling you about the weather. It’s been a glorious couple of days at the beach in Bonita Springs, Florida. The weather is absolutely perfect and the sun has been shining for days.

In Bonita Springs, Florida folks are sporting short sleeves and shorts. I just don’t understand why there isn’t more real estate selling on the beaches. There is plenty of beach front real estate from which to choose; condos, villas and single family homes. We just have very little happening right now.

What's Happening at Barefoot Beach

As a matter of fact, in the month of February 2009 there were no closed sales for Barefoot Beach recorded in the Sunshine MLS. There are, however, four properties under contract; two pending sale and two active-with contingencies. There are over 75 active listings in Barefoot Beach. Plenty of selection for buyers looking for gulf access real estate or beachfront homes in a gated community.

What's Happening at Bonita Beach & Hickory Island

Homes and condos on Bonita Beach – Hickory Island - Hickory Blvd. area had only one sale in February 2009. The sale was a third floor Bonita Beach and Tennis Club condominium, across the street from Bonita Beach. There are five properties under contract. Three are pending sale, two active-with contingencies; all priced under $559,000. There are currently 88 active listings on Hickory Blvd or in the general vicinity to enjoy access to the gulf and Bonita Beach.

If you’re a buyer looking for beach front real estate, the world is your oyster. If you’re a seller of property of real estate on Bonita Beach or in the area, read also:

Price Remains King in Bonita Springs Real Estate and then read

So, What Is The Absorption Rate For Your Bonita Springs Home?

Then read the general Bonita Springs real estate market report. It’s uplifting by comparison.

Nerd on Nerd Hate Crimes

By special request, a Mailbox Series post.  I didn't realize they were missed.  I have pictures of more to put up, I've just been slacking. Here's to getting back on track...

At the north end of Hickory Boulevard in Bonita Springs, I have a listing on the beach.  Like on the beach, beach.  It's a primo piece of real estate.  The view is outstanding.  Anywho, I had to run up to the condo and put a keybox on for a showing and passed the Medieval Madness Mailboxes for the billionth time and decided to take a photo.  To me they look like they belong on the playfield by the castle.

Why are these mailboxes so special to deserve the coveted Friday spot?  They look average and unassuming, no?  I just decided to post them to mess with the subculture of pinball people eagerly pouring over google alerts and craigslist ads hoping to score a totally shopped out Medieval Maddness Pinball for $800.  Oh, I know, that was just plain wrong.  I figure at least I'll get a snarky email or comment for saying that.  Someone busted out in sweat waiting for the page to load.

Now that  you've been dragged here hoping to find a MM for $800 I feel bad.  Not really.   Enjoy your weekend.  If you're in Orlando hit up Rocky's Replay.  I'm not sure if there's and MM there but there are others to help you drown out the pain.  You're always welcome to come over and play mine.  Bring your quarters.

Sweet Real Estate In Downtown Bonita Springs, Florida

I’ve gushed and gushed about Riverside Park. I think it’s the neatest place in Bonita Springs, I mean it’s tied with, Bonita Beach, Wonder Gardens, The Everglades, the sun, the atmosphere and those cool little chameleons running around everywhere.

Last weekend I had company in town and went to Survey Café for lunch. After lunch we crossed the street to the landing where Bamboo Village used to be. (That’s where my favorite Wizard of Oz tree is.) We crossed under the 41 bridge and went to visit the Liles Hotel. It’s closed on Sunday so we walked by the artist’s cottages.

Beyond the artist’s cottages we crossed the railroad tracks. We could have driven around to the parking place on Pennsylvania Avenue, across from The Lions Club, but took the short cut across the tracks. The trains haven’t run in some time so it is safe.

The new foot bridge at Riverside Park is now open. Remember this photo? That was the barge that was building it in October of 2009. The new foot bridge isn’t known by many people. It connects Bonita Springs’ Riverside Park and Depot Park to Island Park. Island Park is, well, and Island and the only way to get to it is via the bright red foot bridge or the innocuous path on Riverside Drive.

You’d never know what a nice piece of real estate is hiding back there if I didn’t tell you. If you’re looking for something inexpensive to do, take a walk through Island Park. Pack a few sandwiches, grab a Frisbee, a fishing pole and take your kids. There’s plenty of shade under the huge moss filled oak trees. Get some fresh air and get out from in front of that computer screen. I see you sitting there. Shoo. Be gone. It will do you good to see a new piece of Bonita Springs.

Foreign Buyers Mortgage Guidelines

One of the questions home owners ask their agent when they list their home is “What about foreign buyers?” Ah, yes, the foreign buyer’s whose money is worth gobs more than American currency after conversion. The foreigners simply must be snapping up real estate hand over fist just to take advantage of any positive exchange rate and Bonita Springs real estate bargains.

Don’t misunderstand me. There are a lot of foreign nationals purchasing real estate in Bonita Springs; they’re simply not coming in mass as anticipated. Just because the exchange rate and the math on paper looks attractive doesn’t mean that foreign nationals are clamoring for a square of sandy loam just for the sake of owning it.

Keep in mind that CNBC isn’t exactly a local network. People all over the world watch it. It doesn’t take more than twenty minutes of watching news to scare the mess out of me and I love America and understand the language.

Add to that the satirical comedic stylings of Colbert and Stewart and anyone on either side of the pond should be scared stiff. I do have to admit, however, I thought it quiet clever when Stewart said, “If only I had followed CNBC’s advice, I’d have a million dollars… provided I had started with a hundred million dollars.”

Look, in this market and less than stellar economy, a foreign national would have to be bold enough to look beyond the barrage of dreadful news and find a deal that they deemed to be good enough of a value to purchase. They’re not going to fall for buying Mr. Flipper’s overpriced “investment” without doing the research. Just because someone is from another country doesn’t mean they’re not equipped to find professionals to ensure that they get the best possible deal.

After the foreign national does find a real estate value the hiccup in that plan is securing the means to pay for it. Much like anyone else buying a home it could be a cash transaction, however, for those foreign national home buyers with a desire to own a piece of Bonita Springs, Florida but not the cash means with which to purchase it, it becomes a challenge.

Lending guidelines for foreign nationals has really tightened. Gone are the days of swift, easy mortgages for anyone and that includes citizens of foreign countries.

Depending upon which mortgage broker you’re talking too, the rates are steep for foreign buyers, generally 1.5% higher or more than the rate of a conforming loan. Add to the higher interest rate, a higher down payment requirement; anywhere from 30-50% of the purchase price down depending upon the program. In addition, some lenders are requiring anywhere from six months to three years of payments held in an account, to be auto-debited for payments.

If you’re a home seller and you’ve wondered about the possibility of selling to a foreign national consider doing the math on the price of your own home. Seeing the upfront cost of what it takes for a non-citizen to get into your home may surprise you. At the very least you’ll know that there are challenges for foreign national mortgages that aren’t customary to conforming loan requirements.

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Real Life in Bonita Springs is a project by Chris Griffith dedicated to writing useful blog posts for consumers about the Bonita Springs, Florida area.  Find out what it is really like to live in Bonita Springs, Florida by reading about our fair city. You’ll get the latest in local real estate information, Bonita Springs real estate market reports and a little bit of humor.  If you have topic ideas, feel free to request a story about the idea, after all, this site is just for you.

You can subscribe to a weekly email newsletter by visiting www.LifeInBonitaSprings.com and entering your email in the subscription area on the left pane of the web page or by adding us to your reader by subscribing to this blog. Oh, and if you’re reading this content anywhere else but www.LifeInBonitaSprings.com or the Naples Daily News it is probably stolen.

Weathering the Shift in The Real Estate Market

Contrary to popular belief, the sky is not falling.  The sky, and the weather it is producing is just not predictable.  Who ever said people hate change wasn't kidding. I've never seen the likes of folk freezing in terror and not being able to use commons sense to make sound business decisions in real estate.  I'm not saying sound as in "hold on you're getting top dollar for your real estate" but sound as in you might need to start thinking "stop-loss" and prevent further devaluation of what you have.  Listen, you aren't getting what you paid for it and you're not getting what your neighbor sold for last year.  It's time to face the reality of your own situation, whatever that may be.

Real estate 101:  It's a market, just like stocks, widgets or hubcaps.  Supply vs. Demand.  Grow up and start playing with all of your cards or you're going to get pick pocketed.  Start looking at it like business or you're getting your ass whooped.

Real estate 102:  People make money when there's blood in the streets.   Make your money going in.  There are deals all over the place and savvy buyers snagging those deals everyone will be talking about in a decade.  Yes, you'll hear wouldda, shouldda, couldda stories again.  The seeds for those real estate stories are getting planted right now.

Here's a little bonus for you actually reading this far.  Hit up this site www.moneyandmarkets.com and subscribe to their newsletter.  If you're having difficulty coming to grips with the piercing reality of the economy, investing and the Bonita Springs real estate market, these folks might help put it into perspective.

That being said, here's the latest inventory numbers and absorption rates for the month of February in the year of our Lord, 2009.  I'm not particularly religious, I just felt like saying that because I saw it in a Clint Eastwood western a few weeks ago.  Everything has been all The Year of Our Lord, and Do You Feel Lucky, Punk for days.  I *love* "Squint like Clint" week.

So here's your February 2009 real estate market report for Bonita Springs and Estero Florida.  If you can't handle it, don't look.  A Man's Got to Know His Limitations.  *teehee*

Bonita Springs Estero Real Estate Absorption Rate

Months of Existing Inventory

Bonita Springs and Estero Florida Real Estate Units Sold

Bee Bravery at Riverside Park

These flowers grow in the park right behind Engle's Bike Shop on Old 41 Road, just before you get to the Artist's Cottages.  Yes, they're really that colorful.  This is an unretouched image.